Attached files
| file | filename |
|---|---|
| 8-K - GENERAL MARITIME CORPORATION 8-K 5-3-2012 - Euronav MI II Inc. | form8k.htm |
| EX-2.2 - EXHIBIT 2.2 - Euronav MI II Inc. | ex2_2.htm |
| EX-99.1 - EXHIBIT 99.1 - Euronav MI II Inc. | ex99_1.htm |
EXHIBIT 99.2
KRAMER LEVIN NAFTALIS & FRANKEL LLP
Kenneth H. Eckstein
Adam C. Rogoff
Douglas H. Mannal
Stephen D. Zide
1177 Avenue of the Americas
New York, New York 10036
Telephone: (212) 715-9100
Facsimile: (212) 715-8000
Counsel for the Debtors
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
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x
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In re:
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:
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Chapter 11
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:
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GENERAL MARITIME CORPORATION, et al.,
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:
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Case No. 11-15285 (MG)
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:
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Debtors.
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:
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Jointly Administered
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x
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CONSOLIDATED MONTHLY OPERATING REPORT
FOR THE PERIOD FEBRUARY 1, 2012 THROUGH FEBRUARY 29, 2012
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
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X
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|||
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In re:
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:
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Chapter 11
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GENERAL MARITIME COPORATION, et al.
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:
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:
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Case No. 11-15285
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:
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|||
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Debtors
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:
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Joint Administration Proceeding
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X
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| Monthly Operating Report for the Period | |
| From February 1, 2012 through February 29, 2012 | |
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Debtors' Address:
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299 Park Avenue
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New York, NY 10171
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Debtors' Attorneys:
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Kramer Levin Naftalis & Frankel LP
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1177 Avenue of the Americas
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New York, NY 10036
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
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/s/ Jeffrey D. Pribor
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3/30/2012
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Jeffrey D. Pribor
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Date
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EVP and Chief Financial Officer
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||
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General Maritime Corporation
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UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
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In re
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General Maritime Corporation, et al.
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Case No.
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11-15285
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Debtor
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Reporting Period:
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2/1/12 - 2/29/12
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Federal Tax I.D. #
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66-0716485
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REQUIRED DOCUMENTS
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Form No.
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Document
Attached
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Explanation
Attached
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Schedule of Cash Receipts and Disbursements
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MOR-1
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X
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Bank Reconciliation (or copies of debtor's bank reconciliations)
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MOR-1 (CON'T)
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X
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Copies of bank statements
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X
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Cash disbursements journals
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X
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Statement of Operations
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MOR-2
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X
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Balance Sheet
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MOR-3
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X
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Status of Post-petition Taxes
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MOR-4
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X
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Copies of IRS Form 6123 or payment receipt
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X
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Copies of tax returns filed during reporting period
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X
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Summary of Unpaid Post-petition Debts
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MOR-4
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X
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Listing of Aged Accounts Payable
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X
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Accounts Receivable Reconciliation and Aging
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MOR-5
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X
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Taxes Reconciliation and Aging (See MOR 7)
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MOR-5
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X
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Payments to Insiders and Professional
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MOR-6
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X
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Post Petition Status of Secured Notes, Leases Payable
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MOR-6
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X
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Debtor Questionnaire
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MOR-7
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X
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In re
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General Maritime Corporation, et al.
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Case No.
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11-15285
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Debtor
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Reporting Period:
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2/1/12 - 2/29/12
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NOTES TO MONTHLY OPERATING REPORT
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The Monthly Operating Report includes activity from the following Debtors:
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Debtor
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Case Number
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Arlington Tankers Ltd.
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11-15289
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Arlington Tankers, LLC
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11-15335
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Companion Ltd.
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11-15331
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Compatriot Ltd.
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11-15332
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Concept Ltd.
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11-15339
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Concord Ltd.
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11-15337
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Consul Ltd.
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11-15333
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Contest Ltd.
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11-15338
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General Maritime Corporation
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11-15285
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General Maritime Investments LLC
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11-15290
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General Maritime Management LLC
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11-15293
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General Maritime Subsidiary Corporation
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11-15287
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General Maritime Subsidiary II Corporation
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11-15288
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General Maritime Subsidiary NSF Corporation
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11-15291
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General Product Carriers Corporation
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11-15336
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GMR Administration Corporation
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11-15292
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GMR Agamemnon LLC
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11-15294
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GMR Ajax LLC
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11-15295
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GMR Alexandra LLC
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11-15296
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GMR Argus LLC
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11-15297
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GMR Atlas LLC
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11-15322
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GMR Chartering LLC
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11-15286
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GMR Concept LLC
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11-15342
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GMR Concord LLC
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11-15340
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GMR Constantine LLC
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11-15298
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GMR Contest LLC
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11-15341
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GMR Daphne LLC
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11-15299
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GMR Defiance LLC
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11-15300
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GMR Elektra LLC
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11-15301
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GMR George T LLC
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11-15302
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GMR GP LLC
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11-15303
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GMR Gulf LLC
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11-15304
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GMR Harriet G LLC
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11-15305
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GMR Hercules LLC
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11-15323
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GMR Hope LLC
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11-15306
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GMR Horn LLC
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11-15307
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GMR Kara G LLC
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11-15308
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GMR Limited LLC
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11-15309
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GMR Maniate LLC
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11-15324
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GMR Minotaur LLC
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11-15310
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GMR Orion LLC
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11-15311
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GMR Phoenix LLC
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11-15312
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GMR Poseidon LLC
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11-15325
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GMR Princess LLC
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11-15313
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GMR Progress LLC
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11-15314
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GMR Revenge LLC
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11-15315
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GMR Spartiate LLC
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11-15326
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GMR Spyridon LLC
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11-15317
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GMR St. Nikolas LLC
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11-15316
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GMR Star LLC
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11-15318
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GMR Strength LLC
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11-15319
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GMR Trader LLC
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11-15320
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GMR Trust LLC
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11-15321
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GMR Ulysses LLC
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11-15327
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GMR Zeus LLC
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11-15328
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Victory Ltd.
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11-15330
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Vision Ltd.
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11-15329
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General Maritime Corporation, et al.
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Case No.
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11-15285
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|
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Debtor
|
Reporting Period:
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2/1/12 - 2/29/12
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SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
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Receipts
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||||||||||||||||
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Intercompany
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Excluding
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|||||||||||||||
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Debtor
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Case Number
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Total Receipts
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Receipts1
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Intercompany
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||||||||||||
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GMR Minotaur LLC
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11-15310 | $ | 1,906,361.59 | $ | 547,421.78 | $ | 1,358,939.81 | |||||||||
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GMR Constantine LLC
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11-15298 | 132.00 | 132.00 | - | ||||||||||||
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GMR Ajax LLC
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11-15295 | 553,058.66 | 158,326.04 | 394,732.62 | ||||||||||||
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GMR Agamemnon LLC
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11-15294 | 1,088,734.45 | 364,755.45 | 723,979.00 | ||||||||||||
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GMR Alexandra LLC
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11-15296 | 169,050.76 | 169,050.76 | - | ||||||||||||
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GMR Orion LLC
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11-15311 | 2,635,190.22 | 2,226,166.35 | 409,023.87 | ||||||||||||
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GMR Gulf LLC
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11-15304 | 939,435.26 | 65,200.00 | 874,235.26 | ||||||||||||
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GMR Phoenix LLC
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11-15312 | 406,652.15 | 406,652.15 | - | ||||||||||||
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GMR Argus LLC
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11-15297 | 1,761,028.55 | 1,761,028.55 | - | ||||||||||||
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GMR Spyridon LLC
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11-15317 | 3,791,656.07 | 2,177,218.21 | 1,614,437.86 | ||||||||||||
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GMR Horn LLC
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11-15307 | 4,996,536.51 | 305,524.08 | 4,691,012.43 | ||||||||||||
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GMR Hope LLC
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11-15306 | 2,886,478.97 | 1,933,030.77 | 953,448.20 | ||||||||||||
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GMR Princess LLC
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11-15313 | 120.00 | 120.00 | - | ||||||||||||
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GMR Progress LLC
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11-15314 | 259,100.06 | 168.00 | 258,932.06 | ||||||||||||
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GMR Revenge LLC
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11-15315 | 33,459.30 | 33,459.30 | - | ||||||||||||
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GMR Strength LLC
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11-15319 | 222,718.67 | 222,718.67 | - | ||||||||||||
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GMR Defiance LLC
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11-15300 | 2,487,758.25 | 912,892.45 | 1,574,865.80 | ||||||||||||
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GMR Harriet G LLC
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11-15305 | 813,403.69 | 216,675.57 | 596,728.12 | ||||||||||||
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GMR Kara G LLC
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11-15308 | 4,841,416.31 | 457,246.21 | 4,384,170.10 | ||||||||||||
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GMR George T LLC
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11-15302 | 1,965,352.97 | 1,965,352.97 | - | ||||||||||||
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GMR St. Nikolas LLC
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11-15316 | 3,897,857.73 | 2,141,710.61 | 1,756,147.12 | ||||||||||||
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GMR Daphne LLC
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11-15299 | 2,284,708.65 | 1,297,109.23 | 987,599.42 | ||||||||||||
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GMR Elektra LLC
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11-15301 | 2,367,908.67 | 2,367,908.67 | - | ||||||||||||
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GMR Contest LLC
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11-15341 | 839,161.20 | 430,931.20 | 408,230.00 | ||||||||||||
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GMR Concept LLC
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11-15342 | 839,618.03 | 433,618.03 | 406,000.00 | ||||||||||||
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GMR Concord LLC
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11-15340 | 785,118.91 | 437,107.29 | 348,011.62 | ||||||||||||
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Consul Ltd.
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11-15333 | 581,545.11 | 206,840.60 | 374,704.51 | ||||||||||||
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Victory Ltd.
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11-15330 | 324,840.03 | 324,840.03 | - | ||||||||||||
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Vision Ltd.
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11-15329 | 298,253.30 | 296,795.44 | 1,457.86 | ||||||||||||
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Compatriot Ltd.
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11-15332 | 670,164.52 | 198,904.52 | 471,260.00 | ||||||||||||
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Companion Ltd.
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11-15331 | 655,089.05 | 655,089.05 | - | ||||||||||||
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GMR Zeus LLC
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11-15328 | 305,663.03 | 305,663.03 | - | ||||||||||||
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GMR Hercules LLC
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11-15323 | 625,530.77 | 625,530.77 | - | ||||||||||||
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GMR Atlas LLC
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11-15322 | 794,179.03 | 356,168.03 | 438,011.00 | ||||||||||||
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GMR Ulysses LLC
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11-15327 | 437,050.03 | 437,050.03 | - | ||||||||||||
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GMR Poseidon LLC
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11-15325 | 396,014.77 | 396,014.77 | - | ||||||||||||
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GMR Maniate LLC
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11-15324 | 2,751,167.36 | 736,405.25 | 2,014,762.11 | ||||||||||||
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GMR Spartiate LLC
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11-15326 | 1,430,887.49 | 1,430,887.49 | - | ||||||||||||
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GMR Administration Corporation
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11-15292 | - | 0.00 | - | ||||||||||||
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Arlington Tankers Ltd.
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11-15289 | 1,162,409.62 | 1,162,409.62 | - | ||||||||||||
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General Maritime Subsidiary Corporation
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11-15287 | 40,080,128.88 | 30,064,856.70 | 10,015,272.18 | ||||||||||||
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General Maritime Management LLC
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11-15293 | 283,903.76 | 283,903.76 | - | ||||||||||||
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General Maritime Subsidiary II Corporation
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11-15288 | 1,089,038.50 | 1,089,038.50 | - | ||||||||||||
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General Maritime Corporation
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11-15285 | 291,095.94 | 291,095.94 | - | ||||||||||||
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GMR Star LLC
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11-15318 | - | 0.00 | - | ||||||||||||
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Total Cash Receipts
|
$ | 94,948,978.82 | $ | 59,893,017.87 | $ | 35,055,960.95 | ||||||||||
Notes
1 - Intercompany Receipts includes transfers from Debtor entities. No transfers from non-Debtor entities are included in these amounts.
|
In re
|
General Maritime Corporation, et al.
|
Case No.
|
11-15285
|
|
Debtor
|
Reporting Period:
|
2/1/12 - 2/29/12
|
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
|
Disbursements
|
||||||||||||||||
|
Total
|
Intercompany
|
Excluding
|
||||||||||||||
|
Debtor
|
Case Number
|
Disbursements
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Disbursements1
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Intercompany
|
||||||||||||
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GMR Minotaur LLC
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11-15310 | $ | (1,906,363.78 | ) | (1,358,942.00 | ) | $ | (547,421.78 | ) | |||||||
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GMR Constantine LLC
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11-15298 | (132.06 | ) | (0.06 | ) | (132.00 | ) | |||||||||
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GMR Ajax LLC
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11-15295 | (553,063.69 | ) | (394,737.65 | ) | (158,326.04 | ) | |||||||||
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GMR Agamemnon LLC
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11-15294 | (1,088,737.88 | ) | (723,982.43 | ) | (364,755.45 | ) | |||||||||
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GMR Alexandra LLC
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11-15296 | (169,056.46 | ) | (5.70 | ) | (169,050.76 | ) | |||||||||
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GMR Orion LLC
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11-15311 | (2,635,200.68 | ) | (409,034.33 | ) | (2,226,166.35 | ) | |||||||||
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GMR Gulf LLC
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11-15304 | (939,435.37 | ) | (874,103.37 | ) | (65,332.00 | ) | |||||||||
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GMR Phoenix LLC
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11-15312 | (406,661.16 | ) | (9.01 | ) | (406,652.15 | ) | |||||||||
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GMR Argus LLC
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11-15297 | (1,761,031.25 | ) | (2.70 | ) | (1,761,028.55 | ) | |||||||||
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GMR Spyridon LLC
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11-15317 | (3,791,667.57 | ) | (1,614,449.36 | ) | (2,177,218.21 | ) | |||||||||
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GMR Horn LLC
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11-15307 | (4,996,540.87 | ) | (4,691,016.79 | ) | (305,524.08 | ) | |||||||||
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GMR Hope LLC
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11-15306 | (2,886,484.11 | ) | (953,453.34 | ) | (1,933,030.77 | ) | |||||||||
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GMR Princess LLC
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11-15313 | (120.08 | ) | (0.08 | ) | (120.00 | ) | |||||||||
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GMR Progress LLC
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11-15314 | (259,108.54 | ) | (258,940.54 | ) | (168.00 | ) | |||||||||
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GMR Revenge LLC
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11-15315 | (33,461.51 | ) | (2.21 | ) | (33,459.30 | ) | |||||||||
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GMR Strength LLC
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11-15319 | (222,732.37 | ) | (13.70 | ) | (222,718.67 | ) | |||||||||
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GMR Defiance LLC
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11-15300 | (2,487,766.86 | ) | (1,574,874.41 | ) | (912,892.45 | ) | |||||||||
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GMR Harriet G LLC
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11-15305 | (813,407.81 | ) | (596,732.24 | ) | (216,675.57 | ) | |||||||||
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GMR Kara G LLC
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11-15308 | (4,838,665.52 | ) | (4,384,173.31 | ) | (454,492.21 | ) | |||||||||
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GMR George T LLC
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11-15302 | (1,965,363.54 | ) | (10.57 | ) | (1,965,352.97 | ) | |||||||||
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GMR St. Nikolas LLC
|
11-15316 | (3,897,866.93 | ) | (1,756,156.32 | ) | (2,141,710.61 | ) | |||||||||
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GMR Daphne LLC
|
11-15299 | (2,284,709.97 | ) | (987,431.42 | ) | (1,297,278.55 | ) | |||||||||
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GMR Elektra LLC
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11-15301 | (2,367,917.57 | ) | (8.90 | ) | (2,367,908.67 | ) | |||||||||
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GMR Contest LLC
|
11-15341 | (839,161.20 | ) | (408,230.00 | ) | (430,931.20 | ) | |||||||||
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GMR Concept LLC
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11-15342 | (839,618.03 | ) | (406,000.00 | ) | (433,618.03 | ) | |||||||||
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GMR Concord LLC
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11-15340 | (785,118.91 | ) | (348,011.62 | ) | (437,107.29 | ) | |||||||||
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Consul Ltd.
|
11-15333 | (581,557.17 | ) | (374,716.57 | ) | (206,840.60 | ) | |||||||||
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Victory Ltd.
|
11-15330 | (324,840.29 | ) | (0.26 | ) | (324,840.03 | ) | |||||||||
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Vision Ltd.
|
11-15329 | (298,258.52 | ) | (1,463.08 | ) | (296,795.44 | ) | |||||||||
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Compatriot Ltd.
|
11-15332 | (670,174.70 | ) | (471,270.18 | ) | (198,904.52 | ) | |||||||||
|
Companion Ltd.
|
11-15331 | (655,094.92 | ) | (5.87 | ) | (655,089.05 | ) | |||||||||
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GMR Zeus LLC
|
11-15328 | (305,663.64 | ) | (0.61 | ) | (305,663.03 | ) | |||||||||
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GMR Hercules LLC
|
11-15323 | (625,537.02 | ) | (6.25 | ) | (625,530.77 | ) | |||||||||
|
GMR Atlas LLC
|
11-15322 | (794,187.34 | ) | (438,019.31 | ) | (356,168.03 | ) | |||||||||
|
GMR Ulysses LLC
|
11-15327 | (437,056.90 | ) | (6.87 | ) | (437,050.03 | ) | |||||||||
|
GMR Poseidon LLC
|
11-15325 | (396,025.32 | ) | (10.55 | ) | (396,014.77 | ) | |||||||||
|
GMR Maniate LLC
|
11-15324 | (2,751,172.29 | ) | (2,014,767.04 | ) | (736,405.25 | ) | |||||||||
|
GMR Spartiate LLC
|
11-15326 | (1,430,901.87 | ) | (14.38 | ) | (1,430,887.49 | ) | |||||||||
|
GMR Administration Corporation
|
11-15292 | (0.24 | ) | (0.24 | ) | - | ||||||||||
|
Arlington Tankers Ltd.
|
11-15289 | (1,162,421.24 | ) | (1,162,241.62 | ) | (179.62 | ) | |||||||||
|
General Maritime Subsidiary Corporation
|
11-15287 | (38,714,212.87 | ) | (33,690,165.10 | ) | (5,024,047.77 | ) | |||||||||
|
General Maritime Management LLC
|
11-15293 | (283,904.90 | ) | (1.14 | ) | (283,903.76 | ) | |||||||||
|
General Maritime Subsidiary II Corporation
|
11-15288 | (1,089,044.02 | ) | (5.52 | ) | (1,089,038.50 | ) | |||||||||
|
General Maritime Corporation
|
11-15285 | (291,097.16 | ) | (1.22 | ) | (291,095.94 | ) | |||||||||
|
GMR Trader LLC
|
11-15320 | - | - | - | ||||||||||||
|
GMR Star LLC
|
11-15318 | - | - | - | ||||||||||||
|
GMR Trust LLC
|
11-15321 | - | - | - | ||||||||||||
|
Contest Ltd.
|
11-15338 | - | - | - | ||||||||||||
|
Concept Ltd.
|
11-15339 | - | - | - | ||||||||||||
|
Concord Ltd.
|
11-15337 | - | - | - | ||||||||||||
|
Arlington Tankers, LLC
|
11-15335 | - | - | - | ||||||||||||
|
General Maritime Subsidiary NSF Corporation
|
11-15291 | - | - | - | ||||||||||||
|
GMR Chartering LLC
|
11-15286 | - | - | - | ||||||||||||
|
General Maritime Investments LLC
|
11-15290 | - | - | - | ||||||||||||
|
General Product Carriers Corporation
|
11-15336 | - | - | - | ||||||||||||
|
GMR GP LLC
|
11-15303 | - | - | - | ||||||||||||
|
GMR Limited LLC
|
11-15309 | - | - | - | ||||||||||||
|
Total Cash Disbursements
|
$ | (93,580,544.13 | ) | $ | (59,893,017.87 | ) | $ | (33,687,526.26 | ) | |||||||
Notes
1 - Intercompany Disbursements includes transfers to Debtor entities. No transfers to non-Debtor entities are included in these amounts.
|
In re
|
General Maritime Corporation, et al.
|
Case No.
|
11-15285
|
|
Debtor
|
Reporting Period:
|
2/1/12 - 2/29/12
|
BANK RECONCILIATIONS 1,2
|
Bank Acct. No.
|
|||||||||||||
|
Debtor
|
Case Number
|
Bank Account Description
|
(Last 4 Digits)
|
Bank Balance
|
|||||||||
|
GMR Minotaur LLC
|
11-15310 |
Operating
|
8801 | $ | 0.00 | ||||||||
|
GMR Constantine LLC
|
11-15298 |
Operating
|
9601 | (0.00 | ) | ||||||||
|
GMR Ajax LLC
|
11-15295 |
Operating
|
8901 | (95.75 | ) | ||||||||
|
GMR Agamemnon LLC
|
11-15294 |
Operating
|
7101 | 0.00 | |||||||||
|
GMR Alexandra LLC
|
11-15296 |
Operating
|
4901 | (0.00 | ) | ||||||||
|
GMR Orion LLC
|
11-15311 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Gulf LLC
|
11-15304 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Phoenix LLC
|
11-15312 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
GMR Argus LLC
|
11-15297 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Spyridon LLC
|
11-15317 |
Operating
|
2001 | - | |||||||||
|
GMR Horn LLC
|
11-15307 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Hope LLC
|
11-15306 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
GMR Princess LLC
|
11-15313 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Progress LLC
|
11-15314 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
GMR Revenge LLC
|
11-15315 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Strength LLC
|
11-15319 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
GMR Defiance LLC
|
11-15300 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
GMR Harriet G LLC
|
11-15305 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
GMR Kara G LLC
|
11-15308 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR George T LLC
|
11-15302 |
Operating
|
3001 | (0.00 | ) | ||||||||
|
GMR St. Nikolas LLC
|
11-15316 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Daphne LLC
|
11-15299 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Elektra LLC
|
11-15301 |
Operating
|
2001 | 0.00 | |||||||||
|
Consul Ltd.
|
11-15333 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
Victory Ltd.
|
11-15330 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
Vision Ltd.
|
11-15329 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
Compatriot Ltd.
|
11-15332 |
Operating
|
2001 | 0.00 | |||||||||
|
Companion Ltd.
|
11-15331 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Zeus LLC
|
11-15328 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Hercules LLC
|
11-15323 |
Operating
|
2001 | - | |||||||||
|
GMR Atlas LLC
|
11-15322 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
GMR Ulysses LLC
|
11-15327 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Poseidon LLC
|
11-15325 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Maniate LLC
|
11-15324 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Spartiate LLC
|
11-15326 |
Operating
|
2001 | 0.00 | |||||||||
|
GMR Administration Corporation
|
11-15292 |
Operating
|
2001 | - | |||||||||
|
Arlington Tankers Ltd.
|
11-15289 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
General Maritime Subsidiary Corporation
|
11-15287 |
Operating
|
3005 | (21,668.16 | ) | ||||||||
|
General Maritime Subsidiary Corporation
|
11-15287 |
Operating
|
8193 | 29,553.58 | |||||||||
|
General Maritime Subsidiary Corporation
|
11-15287 |
Operating
|
2102 | 69.10 | |||||||||
|
General Maritime Subsidiary Corporation
|
11-15287 |
Operating
|
8001 | 541,617.51 | |||||||||
|
General Maritime Subsidiary Corporation
|
11-15287 |
Operating
|
3015 | 15,814,034.89 | |||||||||
|
General Maritime Subsidiary Corporation
|
11-15287 |
Operating
|
3101 | 236,732.20 | |||||||||
|
General Maritime Management LLC
|
11-15293 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
General Maritime Subsidiary II Corporation
|
11-15288 |
Operating
|
2001 | (0.00 | ) | ||||||||
|
General Maritime Corporation
|
11-15285 |
Operating
|
2001 | 0.00 | |||||||||
| $ | 16,600,243.37 | ||||||||||||
Notes
1 - The Debtors have not included copies of bank statements or cash disbursements journals due to the voluminous nature of such documents.
2 - The Debtors reconcile their bank accounts on a monthly basis.
|
In re
|
General Maritime Corporation, et al.
|
Case No.
|
11-15285
|
|
Debtor
|
Reporting Period:
|
2/1/12 - 2/29/12
|
STATEMENT OF OPERATIONS (Income Statement)
|
Month ended
February 29, 2012
|
November 17 through
February 29, 2011
|
|||||||
|
VOYAGE REVENUES:
|
||||||||
|
Voyage revenues
|
$ | 27,913,312 | $ | 86,487,095 | ||||
|
OPERATING EXPENSES:
|
||||||||
|
Voyage expenses
|
14,709,820 | 41,455,181 | ||||||
|
Direct vessel expenses
|
8,319,288 | 28,651,915 | ||||||
|
Bareboat lease expense
|
782,949 | 2,834,814 | ||||||
|
General and administrative
|
2,294,922 | 8,219,831 | ||||||
|
Depreciation and amortization
|
7,239,931 | 26,300,209 | ||||||
|
Loss / (Gain) on disposal of vessels and vessel equipment
|
94,748 | (92,237 | ) | |||||
|
Total operating expenses
|
33,441,658 | 107,369,713 | ||||||
|
OPERATING LOSS
|
(5,528,346 | ) | (20,882,618 | ) | ||||
|
OTHER (EXPENSE) INCOME:
|
||||||||
|
Interest expense, net
|
(4,743,303 | ) | (21,674,287 | ) | ||||
|
Other income (expense)
|
(16,056 | ) | 2,058,413 | |||||
|
Reorganization items, net
|
(3,711,739 | )A | (77,029,718 | ) | ||||
|
Net other expense
|
(8,471,098 | ) | (96,645,592 | ) | ||||
|
Net loss
|
$ | (13,999,444 | ) | $ | (117,528,210 | ) | ||
The accompanying notes are an integral part of the financial statements.
|
A
|
Reorganization items, net consists of professional fees incurred.
|
|
In re
|
General Maritime Corporation, et al.
|
Case No.
|
11-15285
|
|
Debtor
|
Reporting Period:
|
2/1/12 - 2/29/12
|
BALANCE SHEET
|
February 29,
|
||||
|
2012
|
||||
|
ASSETS
|
||||
|
CURRENT ASSETS:
|
||||
|
Cash
|
$ | 16,600,243 | ||
|
Due from charterers, net
|
38,249,261 | |||
|
Prepaid expenses and other current assets
|
37,239,156 | |||
|
Total current assets
|
92,088,660 | |||
|
NONCURRENT ASSETS:
|
||||
|
Vessels, net of accumulated depreciation
|
1,498,188,870 | |||
|
Other fixed assets, net
|
11,285,440 | |||
|
Deferred drydock costs, net
|
25,033,333 | |||
|
Deferred financing costs, net
|
34,270,729 | |||
|
Other assets
|
11,748,866 | |||
|
Total noncurrent assets
|
1,580,527,238 | |||
|
TOTAL ASSETS
|
$ | 1,672,615,898 | ||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||
|
CURRENT LIABILITIES:
|
||||
|
Accounts payable and accrued expenses
|
$ | 43,631,026 | ||
|
Current portion of long-term debt
|
912,268,000 | |||
|
Deferred voyage revenue
|
57,500 | |||
|
Due to affiliated companies
|
4,083,229 | |||
|
Derivative liability
|
3,119,297 | |||
|
Total current liabilities
|
963,159,052 | |||
|
NONCURRENT LIABILITIES:
|
||||
|
Other noncurrent liabilities
|
4,969,646 | |||
|
Derivative liability and Warrants
|
1,374,472 | |||
|
Liabilities subject to compromise
|
534,154,348 | A | ||
|
Total noncurrent liabilities
|
540,498,466 | |||
|
TOTAL LIABILITIES
|
1,503,657,518 | |||
|
SHAREHOLDERS' EQUITY
|
168,958,380 | |||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 1,672,615,898 | ||
The accompanying notes are an integral part of the financial statements.
|
A
|
Liabilities subject to compromise consist of the following:
|
|
Par value and accrued interest on Senior Notes
|
$ | 318,100,000 | ||
|
Par value and accrued interest on Oaktree Credit Facility
|
$ | 214,584,348 | ||
|
Pre-petition amounts due to suppliers, agents and brokers
|
1,470,000 | |||
| $ | 534,154,348 |
|
In re
|
General Maritime Corporation, et al.
|
Case No.
|
11-15285
|
|
Debtor
|
Reporting Period:
|
2/1/12 - 2/29/12
|
STATUS OF POST-PETITION TAXES 1,2
|
Federal
|
Beginning
Tax
|
Amount
Withheld and/or
Accrued
|
Amount Paid
|
Date Paid
|
Check # or EFT
|
Ending Tax
|
||||||||||||
|
Withholding
|
$ | - | $ | 84,306.37 | $ | 84,306.37 | $ | - | ||||||||||
|
FICA-Employee
|
- | 25,275.08 | 25,275.08 |
|
|
- | ||||||||||||
|
FICA-Employer
|
- | 34,221.95 | 34,221.95 |
|
|
- | ||||||||||||
|
Unemployment
|
- | 73.94 | 73.94 |
|
|
- | ||||||||||||
|
Income
|
- | - | - |
|
|
- | ||||||||||||
|
Other:_____________
|
- | - | - |
|
|
- | ||||||||||||
|
Total Federal Taxes
|
- | 143,877.34 | 143,877.34 |
|
|
- | ||||||||||||
|
State and Local
|
|
|
||||||||||||||||
|
Withholding
|
- | 29,100.73 | 29,100.73 |
|
|
- | ||||||||||||
|
Sales
|
- | - | - |
|
|
- | ||||||||||||
|
Excise
|
- | - | - |
|
|
- | ||||||||||||
|
Unemployment
|
- | 353.03 | 353.03 |
|
|
- | ||||||||||||
|
Real Property3
|
- | - | - |
|
|
- | ||||||||||||
|
Personal Property
|
- | - | - |
|
|
- | ||||||||||||
|
Other:_____________
|
- | - | - |
|
|
- | ||||||||||||
|
Total State and Local
|
- | 29,453.76 | 29,453.76 |
|
|
- | ||||||||||||
|
|
|
|||||||||||||||||
|
Total Taxes
|
$ | - | $ | 173,331.10 | $ | 173,331.10 |
|
|
$ | - | ||||||||
Notes
1 - The Debtors have not included copies of Form 6123 and tax returns filed during this period due to the voluminous nature of these reports
2 - The Debtors believe they are paying all undisputed taxes and preparing and filing all returns when due or obtaining extensions where necessary.
3 - The Debtors do not own any real property. Real estate taxes paid by the Debtors are paid as part of an underlying lease obligation and the failure to pay such lease payments would not result in claims by the taxing authority against the Debtors.
SUMMARY OF UNPAID POST-PETITION DEBTS 1
|
|
|
Number of Days Past Due
|
|
|||||||||||||||||||||
|
Current
|
0-30 | 31-60 | 61-90 |
Over 91
|
Total
|
|||||||||||||||||||
|
Accounts Payable
|
$ | 10,426,055.43 | $ | 2,291,880.82 | $ | 149,641.56 | $ | 56,204.20 | $ | 26,384.76 | $ | 12,950,166.77 | ||||||||||||
|
Wages Payable
|
- | - | - | - | - | - | ||||||||||||||||||
|
Taxes Payable
|
- | - | - | - | - | - | ||||||||||||||||||
|
Rent/Leases-Building
|
- | - | - | - | - | - | ||||||||||||||||||
|
Rent/Leases-Equipment
|
- | - | - | - | - | - | ||||||||||||||||||
|
Secured Debt/Adequate Protection Payments
|
- | - | - | - | - | - | ||||||||||||||||||
|
Professional Fees
|
4,453,110.61 | 1,152,211.49 | 489,156.04 | 159,058.49 | - | 6,253,536.63 | ||||||||||||||||||
|
Amounts Due to Insiders
|
- | - | - | - | - | - | ||||||||||||||||||
|
Other:______________
|
- | |||||||||||||||||||||||
|
Other:______________
|
- | |||||||||||||||||||||||
|
Total Post-petition Debts
|
$ | 14,879,166.04 | $ | 3,444,092.31 | $ | 638,797.60 | $ | 215,262.69 | $ | 26,384.76 | $ | 19,203,703.40 | ||||||||||||
Notes
1 - The Debtors believe they are paying all undisputed post-petition obligations according to terms. Aged amounts represent items subject to valid disputes, and certain items which have been paid subsequent to the end of the reporting period.
|
In re
|
General Maritime Corporation, et al.
|
Case No.
|
11-15285
|
|
Debtor
|
Reporting Period:
|
2/1/12 - 2/29/12
|
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING 1
|
Accounts Receivable Reconciliation
|
Amount
|
|||
|
Total Accounts Receivable at the beginning of the reporting period
|
$ | 17,533,730.81 | ||
|
Plus: Amounts billed during the period
|
23,292,371.45 | |||
|
Less: Amounts collected during the period
|
(23,667,031.39 | ) | ||
|
Total Accounts Receivable at the end of the reporting period
|
$ | 17,159,070.87 | ||
|
Accounts Receivable Aging
|
0-30 Days
|
31-60 Days
|
61-90 Days
|
91+ Days
|
Total
|
|||||||||||||||
|
0 - 30 days old
|
$ | 10,747,523.39 |
|
|
|
$ | 10,747,523.39 | |||||||||||||
|
31 - 60 days old
|
1,883,974.99 |
|
|
|
1,883,974.99 | |||||||||||||||
|
61 - 90 days old
|
247,667.77 |
|
|
|
247,667.77 | |||||||||||||||
|
91+ days old
|
4,279,904.72 |
|
|
|
4,279,904.72 | |||||||||||||||
|
Total Accounts Receivable
|
17,159,070.87 | - | - | - | 17,159,070.87 | |||||||||||||||
|
Less: Bad Debts (Amount considered uncollectible)
|
(2,148,631.85 | ) | (2,148,631.85 | ) | ||||||||||||||||
|
Net Accounts Receivable1
|
$ | 15,010,439.02 | $ | - | $ | - | $ | - | $ | 15,010,439.02 | ||||||||||
Notes
1 - The Debtors have not included $23,238,821 of accrued accounts receivable that have not yet been invoiced to charterers.
|
In re
|
General Maritime Corporation, et al.
|
Case No.
|
11-15285
|
|
Debtor
|
Reporting Period:
|
2/1/12 - 2/29/12
|
PAYMENTS TO INSIDERS AND PROFESSIONALS
|
INSIDERS
|
|||||||||
|
NAME
|
TYPE OF PAYMENT
|
AMOUNT PAID
|
TOTAL PAID TO
DATE
|
||||||
|
John Tavlarios
|
Salary
|
$ | 50,000.00 | $ | 187,500.00 | ||||
|
John Tavlarios
|
Expense reimbursement
|
27,945.86 | 56,087.34 | ||||||
|
Jeffrey Pribor
|
Salary
|
34,615.38 | 129,807.68 | ||||||
|
Jeffrey Pribor
|
Expense reimbursement
|
1,594.81 | 5,619.41 | ||||||
|
John Georgiopoulos
|
Salary
|
26,923.08 | 100,961.55 | ||||||
|
John Georgiopoulos
|
Expense reimbursement
|
147.70 | 147.70 | ||||||
|
Peter Bell
|
Salary
|
26,923.08 | 100,961.55 | ||||||
|
Peter Bell
|
Expense reimbursement
|
6,539.10 | 7,077.12 | ||||||
|
Milton Gonzales
|
Salary
|
19,230.76 | 72,115.35 | ||||||
|
Milton Gonzales
|
Expense reimbursement
|
- | 6,574.74 | ||||||
|
Brian Kerr
|
Salary
|
10,769.24 | 40,384.65 | ||||||
|
Brian Kerr
|
Bonus
|
- | 7,000.00 | ||||||
|
|
|
||||||||
|
TOTAL PAYMENTS TO INSIDERS
|
$ | 204,689.01 | $ | 714,237.09 | |||||
|
PROFESSIONALS
|
|
|
|
|
|
|||||||||||||||
|
NAME
|
AMOUNT BILLED
|
AMOUNT PAID
|
TOTAL PAID TO
DATE
|
TOTAL BILLED TO
DATE
|
TOTAL UNPAID
|
|||||||||||||||
|
Kramer Levin Naftalis and Frankel LLP
|
$ | 1,715,199.54 | $ | - | $ | 718,733.90 | $ | 4,549,791.06 | $ | 3,831,057.16 | ||||||||||
|
Curtis, Mallet-Prevost, Colt & Molse LLP
|
70,120.03 | - | 21,617.20 | 316,095.64 | 294,478.44 | |||||||||||||||
|
Moelis & Co.
|
241,421.63 | - | 600,000.00 | 1,151,892.41 | 551,892.41 | |||||||||||||||
|
Deloitte Touche LLP
|
- | - | - | - | - | |||||||||||||||
|
Deloitte Financial Advisory Services LP
|
65,287.83 | - | - | 65,287.83 | 65,287.83 | |||||||||||||||
|
GCG Inc.
|
245,647.12 | 113,846.49 | 207,373.69 | 469,516.97 | 262,143.28 | |||||||||||||||
|
White & Case LLP
|
551,288.99 | 325,641.71 | 521,543.24 | 1,072,832.23 | 551,288.99 | |||||||||||||||
|
Kirkland & Ellis LLP
|
- | - | 1,403,617.70 | 1,403,617.70 | - | |||||||||||||||
|
Houlihan Lokey
|
151,739.38 | 153,114.15 | 461,412.07 | 613,151.45 | 151,739.38 | |||||||||||||||
|
Lazard Freres & Co. LLC
|
153,334.88 | - | 407,712.14 | 561,047.02 | 153,334.88 | |||||||||||||||
|
Jones Day
|
- | 415,792.54 | 415,792.54 | 515,960.79 | 100,168.25 | |||||||||||||||
|
Lowenstein Sandler PC
|
- | - | - | 93,555.30 | 93,555.30 | |||||||||||||||
|
Perella Weinberg Partners LP
|
251,014.00 | 100,420.00 | 100,420.00 | 251,014.00 | 150,594.00 | |||||||||||||||
|
Constantine Georgiopoulos*
|
- | - | - | - | - | |||||||||||||||
|
Chalos, O’Connor & Duffy*
|
4,501.83 | - | - | 4,501.83 | 4,501.83 | |||||||||||||||
|
Katten Muchen Rosenman LLP*
|
- | - | - | - | - | |||||||||||||||
|
Reeder & Simpson P.C.*
|
- | - | - | - | - | |||||||||||||||
|
Wong Partnership*
|
- | - | - | 3,654.19 | 3,654.19 | |||||||||||||||
|
Golsblat BLP*
|
- | - | - | 2,824.00 | 2,824.00 | |||||||||||||||
|
Conyers Dill & Pearman*
|
- | - | - | - | - | |||||||||||||||
|
Seward & Kissel*
|
- | - | - | 37,016.69 | 37,016.69 | |||||||||||||||
|
George E. Henries*
|
- | - | - | - | - | |||||||||||||||
|
TOTAL PAYMENTS TO PROFESSIONALS
|
$ | 1,108,814.89 | $ | 4,858,222.48 | $ | 11,111,759.11 | $ | 6,253,536.63 | ||||||||||||
POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE
AND ADEQUATE PROTECTION PAYMENTS 1
|
NAME OF CREDITOR
|
SCHEDULED
MONTHLY
PAYMENT DUE
|
AMOUNT PAID
DURING MONTH
|
|||
|
DIP Principal
|
$ | - | |||
|
DIP Interest
|
393,159.73 | ||||
|
First Lien Secured Debt Principal
|
- | ||||
|
First Lien Secured Debt Interest
|
2,960,406.71 | ||||
|
Swap Agreement Payments
|
- | ||||
|
Leases
|
- | ||||
|
Adequate Assurance Payments - Utilities
|
- | ||||
|
TOTAL PAYMENTS
|
$ | 3,353,566.44 | |||
Notes
1 - Interest payments include fees paid on undrawn portions of credit facilities.
|
In re
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General Maritime Corporation, et al.
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Case No.
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11-15285
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Debtor
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Reporting Period:
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2/1/12 - 2/29/12
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DEBTOR QUESTIONNAIRE
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Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.
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Yes
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No
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1
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Have any assets been sold or transferred outside the normal course of business this reporting period?
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x
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2
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Have any funds been disbursed from any account other than a debtor in possession account this reporting period?
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x
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3
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Is the Debtor delinquent in the timely filing of any post-petition tax returns?
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x
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4
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Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?
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x
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5
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Is the Debtor delinquent in paying any insurance premium payment?
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x
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6
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Have any payments been made on pre-petition liabilities this reporting period?
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x
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7
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Are any post petition receivables (accounts, notes or loans) due from related parties?
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x
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8
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Are any post petition payroll taxes past due?
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x
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9
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Are any post petition State or Federal income taxes past due?
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x
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10
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Are any post petition real estate taxes past due?
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x
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11
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Are any other post petition taxes past due?
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x
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12
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Have any pre-petition taxes been paid during this reporting period?
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x
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13
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Are any amounts owed to post petition creditors delinquent?
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x
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14
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Are any wage payments past due?
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x
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15
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Have any post petition loans been received by the Debtor from any party?
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x
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16
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Is the Debtor delinquent in paying any U.S. Trustee fees?
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x
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17
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Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?
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x
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18
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Have the owners or shareholders received any compensation outside of the normal course of business?
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x
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Explanations
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| 6 |
The Debtors have made payments on account of pre-petition liabilities in accordance with Orders of the Bankruptcy Court specifically authorizing such payments.
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| 7 |
The Debtors have approximately $17,600 in related party receivables from (a) Peter C. Georgiopoulos, Chairman of the Debtors' Board of Directors, (b) P C Georgiopoulos & Co. LLC, an investment management company controlled by Peter C. Georgiopoulos, (c) Aegean Marine Petroleum Network Inc., a company where Peter C. Georgiopoulos and John Tavlarios, Director, President and Chief Executive Officer of the Debtors, are directors and (d) Genco Shipping & Trading Limited, a company where Peter C. Georgiopoulos serves as Chairman on the Board of Directors, for amounts incurred on their behalf for rent and other expenses incurred in the ordinary course of business. These amounts are reimbursed to the Debtors in the ordinary course of business.
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| 15 |
The Debtors entered into a Debtor-in-Possession financing agreement during the reporting period.
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